Dean Witter Distinguished Professor of Finance, Stanford University's Graduate School of Business. Former President, American Finance Association. Member, Financial Advisory Roundtable, Federal Reserve Bank of New York; Fellow and Member, Council of the Econometric Society; Research Fellow, National Bureau of Economic Research; Fellow, American Academy of Arts and Sciences; Member of the Board of Directors, Moodys Corporation. Author of: How Big Banks Fail (2010); Measuring Corporate Default Risk (2011); Dark Markets: Asset Pricing and Information Transmission in Over-The-Counter Markets. Research and teaching focus on valuation and risk in financial markets.